Consideration

Definition

• Something promised, given, or done that has the effect of making an agreement a legally enforceable contract.

Synonyms
perk, promised, remuneration, taken into account, subject to

Related Terms and Acronyms

• Forfeiture — Definition,
  • Loss of property because of violation of law or contract.
• Letter of Intent — Definition,
  • A formal notification that a buyer intends to buy property. It is not legally enforceable.
• Modification — Definition,
  • A change in terms of the loan agreement.
• Valuable Consideration — Definition,
  • The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.